364 SECRETARIAL PRACTICE 
of a debenture so redeemed, or the issue of another debenture 
n its place shall be treated as the issue of a new debenture 
for the purposes of stamp duty. 
In considering the duties payable on bills of exchange and 
promissory notes, the rates of which are set out in Appendix A, 
it is important to bear in mind that there is a clear distinction 
between the provisions of the stamp law and the provisions 
of the Bills of Exchange Act, 1882. S. 32 of the Stamp Act 
defines a bill of exchange as any ‘draft, order, cheque, and 
letter of credit, and any document or writing (except a bank 
note) entitling or purporting to entitle any person, whether 
named therein or not, to payment by any other person of, 
or to draw upon any other person for, any sum of money.’ 
Bills payable A fixed duty of 2d. is payable on bills payable on demand or 
on Demand. at sight or on presentation, or within three days after date or 
sight. The expression ‘bill of exchange payable on demand’ 
is defined by s. 32 as including 
(2) an order for the payment of any sum of money by a 
bill of exchange or promissory note, or for the delivery 
of any bill of exchange or promissory note in satisfac- 
tion of any sum of money, or for the payment of any 
sum of money out of any particular fund which may 
or may not be available, or upon any condition or 
contingency which may or may not be performed or 
happen; and 
an order for the payment of any sum of money weekly, 
monthly, or at any other stated periods, and also an 
order for the payment by any person at any time after 
the date thereof of any sum of money, and sent or 
delivered by the person making the same to the person 
by whom the payment is to be made, and not to the 
person to whom the payment is to be made, or to any 
person on his behalf.’ 
Accordingly bills payable on demand, within the meaning 
of this section, include orders directing the regular payments 
of subscriptions, premiums on policies of insurance, &c., 
and care should be taken that they bear the twopenny 
stamp. 
An order relating to the payment of money out of a par- 
ticular fund chargeable with the fixed duty of two pence 
may take the form of a letter delivered to the payee. There 
are several cases on this subject, and the two following letters 
may be cited as illustrations: — 
1. Please to remit to Messrs. Howe Whittaker and 
Tatham £700 and charge it in the account with me in 
(b)